WASHINGTON (dpa-AFX) - Gold futures settled lower on Friday after a reading of U.S. inflation came in line with estimates. However, the safe-haven metal posted a fourth straight monthly gain amid optimism the Federal Reserve will announce a couple of rate cuts this year.
Gold futures for June ended down by $20.00 or about 0.85% at $2,322.90 an ounce. Gold futures shed about 0.5% in the week, and gained nearly 1.4% in May.
Silver futures shed $1.091 or about 3.48% today, settling at $30.297 an ounce. Silver futures gained nearly 15% in the month.
Copper futures dropped to around $4.6025 per pound, down $0.0460 or about 1%.
Data from the Commerce Department showed consumer prices in the U.S. increased in line with economist estimates in the month of April, while core consumer prices edged up by slightly less than expected.
The Commerce Department said its personal consumption expenditures (PCE) price index rose by 0.3% for the third straight month in April, matching economist estimates.
Meanwhile, the report said the core PCE price index, which excludes food and energy prices, crept up by 0.2% in April after rising by 0.3% in March. Economists had expected another 0.3% increase.
The annual rates of growth by the PCE price index and the core PCE price index were both unchanged from the previous month at 2.7% and 2.8%, respectively. The readings matched expectations.
The readings on inflation, which are said to be preferred by the Federal Reserve, were included in the Commerce Department's report on personal income and spending.
The Commerce Department said real personal spending, which excludes price changes, edged down by 0.1% in April after climbing by 0.4% in March.
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